The European Union (EU) has emerged as Russia’s third-largest trading partner despite Western sanctions, according to a study by the German Economic Institute (IW). Russian exports in 2024 saw an 18% increase, reaching $330 billion when adjusted for inflation. While trade with individual EU countries like Germany declined to $9.5 billion, total EU-Russia trade amounted to approximately €67.5 billion, making the EU the third-largest regional partner. Imports of Russian goods into the EU dropped by 92%.
France and the Netherlands maintained low trade levels at over $6 billion, whereas Slovakia, the Czech Republic, Spain, Belgium, and Italy significantly reduced their export volumes compared to pre-sanctions 2021. Hungary experienced a 31% increase in imports, reaching about $6.2 billion.
The U.S. Treasury imposed new restrictions on major Russian oil companies. On October 23, EU Foreign Affairs Chief Kaya Kallas announced the adoption of the 19th sanctions package against Russia, targeting banks, cryptocurrency exchanges, and entities in India and China. The EU also plans to limit Russian diplomatic movements. Meanwhile, Russian officials dismissed the effectiveness of these measures, vowing a strong response.
